The Ministry of Finance and Public Credit reported that as part of the comprehensive strategy to strengthen the financial position of Petróleos Mexicanos (Pemex), it will carry out an operation aimed at strengthening the company’s liquidity position and attending its short -term obligations, without giving the amount.
“The operation consists in the issuance of financial instruments called pre-capitalized notes, which will allow the company to have timely resources to meet its operational and financial needs, within the objectives of the balance sheet. This operation does not constitute a guarantee to Mexican Petróleos,” said the agency in a statement.
According to Bloomberg, the Mexican government wants to raise between $ 7,000 million and 10,000 million dollars with a sale of debt to increase Pemex resources, according to people familiar with the issue.
The Treasury added that this operation is part of a comprehensive financial strategy of Pemex, whose objectives are the improvement of its liquidity, the optimization of the maturity profile, the reduction of liabilities and financial cost.
“All this with the purpose of contributing to the energy security and economic development of the country,” said the dependency in the document.
Bloomberg explained that this offer will consist of a debt called dollars in expiration in August 2030, in the form of precapitalized amortizable titles, or P-Caps, a type of instrument used in the financing supported by assets.
“The Government ‘is implementing a series of measures to support Pemex in the management and improvement of their balance,” he said without giving details about the amount he plans to collect.
Once issued, the news platform added, the P-CAPS will not consolidate with the PEMEX or Mexico liabilities, but “will constitute public debt of the Mexican government.”
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